Jennison Associates LLC Boosts Stake in AppLovin Corporation $APP

Jennison Associates LLC lifted its holdings in AppLovin Corporation (NASDAQ:APP) by 55.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,886,150 shares of the company’s stock after purchasing an additional 1,381,970 shares during the period. AppLovin comprises about 1.6% of Jennison Associates LLC’s portfolio, making the stock its 17th largest holding. Jennison Associates LLC owned 1.15% of AppLovin worth $2,792,355,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin in the fourth quarter valued at approximately $294,000. Bison Wealth LLC acquired a new stake in AppLovin in the 4th quarter valued at $239,000. Integrated Wealth Concepts LLC increased its holdings in AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after acquiring an additional 621 shares in the last quarter. Assenagon Asset Management S.A. raised its position in AppLovin by 37.8% during the second quarter. Assenagon Asset Management S.A. now owns 5,752 shares of the company’s stock worth $2,014,000 after acquiring an additional 1,579 shares during the period. Finally, U.S. Capital Wealth Advisors LLC acquired a new position in AppLovin during the second quarter worth $294,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 4,069 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total value of $2,024,327.50. Following the completion of the transaction, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. The trade was a 0.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 340,336 shares of company stock worth $200,062,623 over the last quarter. 13.66% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Scotiabank boosted their target price on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Zacks Research upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. The Goldman Sachs Group increased their target price on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Morgan Stanley lifted their price target on AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Finally, Royal Bank Of Canada boosted their price target on AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $706.76.

AppLovin Stock Up 0.5%

NASDAQ APP opened at $524.41 on Friday. The business’s fifty day simple moving average is $634.79 and its 200-day simple moving average is $559.34. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. The firm has a market cap of $177.22 billion, a PE ratio of 63.64, a P/E/G ratio of 1.72 and a beta of 2.50. AppLovin Corporation has a 52 week low of $200.50 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the business earned $1.29 earnings per share. AppLovin’s revenue was up 68.2% compared to the same quarter last year. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.